Study: Florida Home Sales Stabilizing

A housing report issued Tuesday by the University of Florida actually suggests some positive signs in the state’s real estate market.

It’s by no means great, the study says, but Florida’s new-home market is showing signs of stabilizing, as home builders are scaling back on new construction.

Regarding Florida home sales, other real estate segments - apartments, retail and office, for example - “remain stable and healthy,” said Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies.

“There’s a growing feeling of apprehension or caution, but the results from our survey remind us that the underlying markets for real estate in Florida are still in good shape.”

The Bergstrom Center for Real Estate Studies’ new report was completed in July. It’s based on a survey of 263 real estate analysts and investors in Florida.

While the study did not provide specific numerical projections.

“The market outlook for development of single-family residential homes is still stable… The outlook for new-home prices is less stable, with single-family prices expected to lag inflation, and condo prices possibly declining.”

Ritch Workman, co-owner of Workman Mortgage Co. in Melbourne, said a tightening of Florida mortgage credit is hurting home sales.

Workman said he still gets just as many Florida home loan applications in Brevard County as he did two years ago, at the height of housing boom.

SOURCE: Florida Today